Recruiter.com Group, Inc. - RCRT STOCK NEWS

Recruiter.com Group, Inc. (NASDAQ:RCRT) has completed the sale of its website and associated intellectual property to Job Mobz, Inc. This move is part of the company's efforts to streamline operations and enhance shareholder equity. Simultaneously, the company has fully repaid its outstanding senior debt under the Loan and Security Agreement, originally issued by Montage Capital II, L.P.

As part of the debt settlement, the company has issued 720,000 shares of common stock to a private investor. CEO Granger Whitelaw stated that this transaction strengthens the company's balance sheet and provides greater flexibility for future initiatives. Miles Jennings, CFO and incoming CEO of the planned CognoGroup spinout, expressed satisfaction with the continued relationship with Job Mobz.

The company also announced a 30-day transition period for investor relations and communications. Investors are advised to monitor filings and press releases, as the www.recruiter.com website will now reflect Job Mobz's operations.

ZK International Group Co., (Nasdaq: ZKIN) has announced a $2 million investment in Recruiter.com Group, Inc. (Nasdaq: RCRT). The investment involves purchasing 2 million shares of Recruiter.com's common stock at $1.00 per share, with a six-month option to buy an additional 2 million shares at the same price. This transaction, completed on July 12, 2024, is exempt from SEC registration requirements under Regulation S. ZKIN also entered into a Registration Rights Agreement with Recruiter.com, requiring the filing of a Form S-3 registration statement within 150 days. Additionally, ZKIN plans to issue a share dividend to its shareholders from this investment, subject to board approval, aiming to enhance shareholder value.

Recruiter.com Group announced it received a notification from Nasdaq confirming its compliance with all requirements for continued listing on the Nasdaq Capital Market. This follows a series of compliance issues that began in August 2023, when the company failed to meet the minimum stockholders' equity requirement of $2.5 million. Despite being granted an extension until February 13, 2024, the company did not fulfill the requirements, leading to a delist determination. However, after a hearing on April 18, 2024, the Nasdaq Hearings Panel granted an extension until May 20, 2024, and subsequently confirmed compliance.

The company remains under a Panel Monitor until June 6, 2025. CEO Granger Whitelaw highlighted progress in reducing debt, raising equity, and driving growth through acquisitions. Recruitment.com is engaged in negotiations for acquiring revenue-generating assets, supported by strategic investors who may issue up to $6.5 million in shares. This funding will also aid in completing the spinout of certain assets to its subsidiary, currently being renamed CognoGroup.

Recruiter.com (NASDAQ:RCRT)(NASDAQ:RCRTW) has completed its registered direct offering, closing the sale of 481,000 shares of common stock at $1.00 per share.

The offering, initially expected at 400,000 shares, was expanded due to investor demand, resulting in $481,000 in gross proceeds. There were no placement agent fees or other expenses associated with the offering.

The proceeds will be used for working capital and general corporate purposes. The offering was made under a 'shelf' registration statement on Form S-3, declared effective by the SEC on September 30, 2022.

Recruiter.com Group (NASDAQ:RCRT) announced a $400,000 registered direct offering of 400,000 shares at $1.00 each. The transaction is expected to close by June 5, 2024, subject to customary conditions. The shares are offered under a shelf registration statement filed with the SEC. Additionally, Recruiter.com plans to exchange existing debt for Series G Preferred Stock, convertible into common stock at a discounted rate, with debt-related claims waived. This reorganization aims to streamline the balance sheet, increase equity, and explore strategic acquisitions. Final agreements are anticipated by June 30, 2024.